Beyond Meat, Inc. Enters into Lease with HC Hornet Way, Llc, to House the Company's Headquarters Offices
January 15, 2021 at 07:37 pm IST
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On January 14, 2021, Beyond Meat, Inc. entered into a Lease with HC Hornet Way, LLC, to house the Company's headquarters offices, lab and innovation space (the Headquarters") in El Segundo, California. Under the terms of the Lease, the Company will lease an aggregate of approximately 281,110 rentable square feet in a portion of a building located at 888 Douglas Street, El Segundo, California (the Premises"), to be built out by the Landlord and delivered to the Company in three phases (each, a Phase") over a 26-month period. The Landlord is providing a tenant improvement allowance equal to $100.00 per rentable square foot for each Phase of the Premises (the Tenant Improvement Allowance") to be used towards the cost of the build-out of the Premises, with the Company responsible for any build-out costs in excess of the Tenant Improvement Allowance. The initial term of the Lease is twelve (12) years (the Initial Term") commencing on the earlier of (i) 210 days following substantial completion of the base building by the Landlord, which is expected to occur no earlier than February 1, 2021, and no later than May 1, 2021, or (ii) the date the Company occupies any portion of the Premises (other than Phase I-A) for purposes of conducting business operations therein, subject to adjustment as provided in the Lease (such date, the Rent Commencement Date"). The Company has two (2) renewal options, each
for a period of five (5) years (each, an Option Term") at the then current fair market rental rates determined at the start of each Option Term, subject to three % (3%) annual increases thereafter during the applicable Option Term.
Beyond Meat, Inc. is a plant-based meat company offering a portfolio of plant-based meats. The Company has developed three core plant-based product platforms that align with the largest meat categories globally: beef, pork and poultry. The primary components of animal-based meat are amino acids, lipids, carbohydrates, trace minerals and water, which are not exclusive to animals and are plentiful in plants. Its flagship product is the Beyond Burger, which is designed to look, cook and taste like a traditional beef burger. The Company also sells a range of other plant-based meat products, including Beyond Sausage, Beyond Beef, Beyond Meatballs, Beyond Beef Crumbles, Beyond Chicken Tenders, Beyond Steak, Beyond Popcorn Chicken, Beyond Chicken Nuggets, and others. Its products are available at approximately 133,000 retail and foodservice outlets in 65 countries, across mainstream grocery, mass merchandiser, club store and natural retailer channels, and various food-away-from-home channels.
BEYOND MEAT, INC. 
